Ottawa, March 28, 2008
2008-030

Archived - Release of The Fiscal Monitor

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The Honourable Jim Flaherty, Minister of Finance, today released The Fiscal Monitor for January 2008.

Highlights

January 2008: budgetary surplus of $0.6 billion

There was a budgetary surplus of $0.6 billion in January 2008, compared to a surplus of $2.4 billion in January 2007. Budgetary revenues were down $0.9 billion, or 3.9 per cent, due in part to lower personal income tax and goods and services tax (GST) revenues. Program expenses increased by $1.0 billion, or 5.6 per cent, reflecting higher transfer payments and operating expenses of departments and agencies. Public debt charges were down slightly.

April 2007 to January 2008: budgetary surplus of $10.0 billion

For the first 10 months of the 2007-08 fiscal year, the budgetary surplus is estimated at $10.0 billion, down $0.6 billion from the $10.6-billion surplus reported in the same period of 2006-07. The results to date reflect the impact of personal income tax relief measures introduced in the October 2007 Economic Statement. These measures consist of the reduction in the lowest personal income tax rate from 15.5 per cent to 15 per cent and the increase in the basic personal amount to $9,600, both retroactive to January 1, 2007. Budgetary revenues increased by $9.7 billion, or 5.2 per cent, reflecting gains across most revenue streams, particularly corporate income tax and other revenues. Program expenses were up $10.8 billion, or 7.2 per cent, due to higher transfer payments and operating expenses of departments and agencies. Public debt charges were down $0.4 billion, reflecting reductions in market debt.

The Fiscal Monitor

is a monthly document that provides highlights of the federal government's fiscal performance, including monthly revenues, expenses, the budgetary balance and the financial source/requirement.

The complete January 2008 Fiscal Monitor is available at www.fin.gc.ca/purl/fiscmon-e.html.

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